• NEW_CC FUNDS 2017_ITALIAN WEB BANNER EURO-02

Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore.)

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del Fondo è di massimizzare il profitto per gli investitori, grazie ad investimenti realizzati su diversi portafogli obbligazionari. Per raggiungere tale obiettivo, il Gestore degli Investimenti investe principalmente in un portafoglio diversificato nel medio termine, comprensivo di titoli societari e governativi con scadenza massima di 10 anni.

     

    STRUTTURA

    Il Fondo è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poichè sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, imponendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

     

    GESTIONE

    I fondi sono amministrati da un gruppo di investitori professionale presso Calamatta Cuschieri Investment Management Ltd, i quali controllano quotidianamente i loro sviluppi.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commento

May 2017 Commentary

The rally in credit markets witnessed during the first four months of the year showed no signs of abating during the month of May, with fixed income markets, particularly the higher yielding credit-based sectors within the asset class remained well in demand.

From European to US High Yield and Emerging Market Credit, and to a lesser extent European and US Investment Grade markets, credit remained better bid for most of the trading sessions within the calendar month, as the global search for yield, within an asset class, which has so far remained robust and offered minimal volatility, intensified.

In an attempt not to miss out on the rally, despite being aware that valuations and spreads appear tight and have been appearing so for quite a while, global investors and investment managers alike sought to jump on the bandwagon and reduce cash holdings for an increased preference in allocation towards fixed income.

Investors are seemingly getting the lowest yields, on bonds within the higher yielding space, such as High Yield and Emerging Markets, in there years which could well explain the level and element of complacency within the markets. Historically, high yield bonds have, more often than not, closely mirrored performance in equity markets, and the persistent buoyance being portrayed within equity markets is spreading over on to the fixed income investor.

And this mood and exuberance by investors can be justified not only by the state of the global economy, and the momentum and traction by developed economies such as the US and Germany but also by emerging market economies, but also by the positive traction gained in successive back to back earnings seasons. Apart from healthier balance sheets as well as market dynamics and recovering economies favouring bond issuers, bond issuers worldwide have taken advantage of the low yield environment and significantly reduced their borrowing costs and extended their debt maturity profiles,. So although the credit risk from the investor’s point of view has been reduced over months, market risk remains the prevailing risk being faced by investors, and the ever incessantly reduction in carry trade in their fixed income portfolios.

Economic data has been resilient, both in the Eurozone and in the US, whilst manufacturing and services data, as measured by PMIs have also surprised to the upside. Unemployment in Europe for has been creeping lower and has recently fallen to its lowest in almost eight years whilst US economic data has also remained robust.

To date, emerging market credit has been the clear winner, with the performance witnessed in EM bonds very difficult to ignore, and even more so, harder not to participate for an investor not to be participating in. Emerging markets have offered a pick-up in yield and spread terms on a like for like basis in comparison to similar rated and dated High yield issuers, and with a flat yield curve in developed economies, monies are expected to continue to flow into emerging market credit.

With credit spreads grinding tightening even further on the month, the Manager continued to reduce cash holdings for a preferred allocation to bonds, through the purchase of EM market bond issues denominated in USD as well as some European and US High Yield issuers denominated in EUR. With a couple of bonds called during the month, the Investment Manager re-deployed these maturing proceeds back into the market to closely mirror the performance of benchmark high yield indices.

Scheda

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    Nome Comparto High Income Bond Fund – EUR (Accumulator)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd.
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 1st September 2011
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo €49.8 million
    Numero Titoli 78
    Tassa Iniziale fino a 2.5%
    Commissione di Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN EUR – MT7000003059
    Investimento Minimo Iniziale € 2,500
    Investimento Minimo Addizionale € 500

    Performance History (%) *

    Calendar Year Performance YTD 2016 2015 2014 Since
    Inception *
    Share Class A – Total Return 3.22 4.96 -0.89 1.72 13.12
    Rolling 12 month performance to last month end 25/05/16

    31/05/17

    27/05/15

    27/05/16

    28/05/14

    27/05/15

    29/05/13

    28/05/14 

    Share Class A – Total Return 5.72 -2.36  1.83

    * The Accumulator Share Class (Class A) was launched on 29 May 2013.

    Top 10 By Country*

    Country %
    Great Britain 9.4
    France 8.9
    Germany 8.7
    United States 5.4
    Spain 5.3
    Italy 4.5
    Luxembourg 4.2
    Malta 3.8
    Switzerland 3.4
    Netherlands 2.9

    *including exposures to CIS

    By Credit Rating*

    Rating %
    BBB 14.7
    BB 28.0
    B 31.2
    CCC+ 0.7
    Less than CCC+ 1.3
    Not Rated 3.0
    Average Credit Rating BB

    * excluding exposures to CIS

  • Top 10 Exposures

    Exposure %
    4% Ineos 2023 2.0
    4.125% HP Pelzer 2024 1.8
    6.25% Synlab Bondco 2022 1.7
    6.125% Chemours 2023 1.7
    7.50% Garfunkelux 2022 1.7
    6.375% Trinseo 2022 1.7
    7.00% Loxam 2021 1.6
    7.00% Wind 2021 1.6
    4.875% Loxam 2021 1.6
    6.625% Bulg. Telecom 2018 1.6

    Performance ad Oggi (EUR)

    Currency Allocation

    Currency %
    EUR 96.4
    USD 3.6
    Others 0.0

    Asset Allocation

    Currency %
    Cash 15.9
    Bonds 78.9
    CIS/ETFs 5.3

    Maturity Buckets*

    Age %
    0 – 5 years 54.8
    5 – 10 years 17.5
    10 years+ 1.8

    *Based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 24.0
    Consumer, Cyclical 10.6
    Basic Materials 10.1
    Communications 9.2
    Consumer, Non-Cyclical 8.7
    Industrial 8.0
    Energy 3.7
    Utilities 2.8
    Government 1.9

    *excluding exposures to CIS

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri & Co. Ltd (“CC”). CC è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CC, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CC ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CC.